The midcentury home, which was initially listed in summer 2024 for $6.575 million (AUD$9.86 million), went into contract last week at an asking price of $4.195 million (AUD$6.29 million), marking a significant reduction from the original listing price.
Located on Franklin Canyon Drive, the 2,970-square-foot property features three bedrooms and modern interiors that have been updated from its 1950 origins.
The home includes large black-framed glass windows and doors, a custom kitchen with jet black cabinetry, and wide-plank flooring throughout.
The outdoor space offers several amenities, including a swimming pool, a double-decker covered patio, a fire pit, and a putting green, making it an attractive property despite the lengthy selling period.
The interiors of the 1950 house have been modernised, with large black-framed glass windows and doors that open up the space, a custom peninsula kitchen featuring jet black cabinetry and wide-plank flooring throughout the home, according to the property listing.
Lori Harris of Keller Williams and Shana Tavangarian of Carolwood Estates took over the listing in September, implementing the final price reduction from $4.99 million (AUD 7.49 million) to $4.195 million (AUD 6.29 million) that ultimately attracted a buyer.
According to Mansion Global, Lowe, 61, originally purchased the property in 2020 for $3.75 million (AUD 5.62 million), which was part of a busy real estate year for the actor and his wife, Sheryl Berkoff.
The couple’s real estate activities have shown significant returns on some investments.
They purchased a 1970s three-bedroom Montecito home for $5.2 million (AUD 7.8 million) in 2020, which they sold just two years later for $14.9 million (AUD 22.35 million), demonstrating their savvy in the luxury real estate market.
Lowe and Berkoff still own another Montecito property, a Spanish-style home built in 1925, which they purchased for $13 million (AUD 19.5 million).
Records indicate they’ve taken a $30 million (AUD 45 million) construction mortgage on this property, suggesting substantial renovations or redevelopment.
The actor, known for his roles in popular television series including “The West Wing” and “Parks and Recreation,” recently concluded his role in “9-1-1: Lone Star,” which ended in 2025 after a five-season run.
He has also been hosting the game show “The Floor.”
